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Old 27-08-2014, 03:03 PM
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Low middle income couple, 45 & 42, earning S$6k and S$5k pm respectively.
Lives in a resale EC, bought for S$800k. Loan outstanding S$300k.
Our focus now is on paying down the mortgage and raising our teenage kids as well as supporting our old parents financially. We can't save much.

Our retirement plan is two-pronged:

1. We will sell our EC when we reach 65 (in 20 years time) and convert the cash proceeds to Malaysian Ringgit. Assuming we paid off the mortgage and we can sell our condo at S$1m in 20 years time, and the exchange rate then is S$1=RM3 (the ringgit will continue to depreciate due to their huge deficits), we will get RM3 mil. We will then buy a house for RM1 mil and save the rest of the money for any emergencies.

2. When we reach 65, we will get about $2400 from our CPF Life (two persons) and after converting to RM, we will get RM7,200 pm to spend on.

We are looking at Ipoh to retire as its cost of living is much cheaper than KL or Penang.
Occasionally, we will go to KL and take the High Spreed Rail (HSR) train to Singapore to visit old friends and relatives.

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